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Security Type
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Convertible Note
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Categories
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Other
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Min Investment
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$1,000
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Offering Date
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February 25, 2020
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Expected Close Date
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May 25, 2020
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Target Raise
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$1.20M-$4.00M
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Deal Notes
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Round type: Series B Round size: US $4,000,000 Minimum investment: US $1,000 Target Minimum: US $1,200,000 Raised to date: US $814,400 US $79,400 (under Reg CF only) Security Type: Convertible Note Conversion discount: 20.0% Interest rate: 10.0% Note term: 22 months
Company Description
Award-winning, fast casual group serving up authentic, slow-smoked barbequeMighty Quinn's got its start serving brisket at an outdoor weekend food market in Brooklyn where guests waited in long lines for a taste of authentic slow smoked BBQ. Our instinct that this amazing food category had been underserved was immediately validated, which led to our opening of the flagship Mighty Quinn's location in Manhattan's East Village in 2012. After earning "best new restaurant" in New York City by Zagat and receiving a glowing review on the cover of the New York Times dining section, we proceeded to open new locations. There are currently nine corporate locations, licensed locations in Yankee Stadium and Madison Square Garden, and a 12-unit, franchisee-contracted development pipeline.Since our founding seven years ago, Mighty Quinn's has evolved into a scalable operation that's been retooled for franchise growth. We operate a 13,000 square foot facility serving our corporate and licensed locations that is currently 50% utilized. Our operational systems and standards allow for franchisees to take advantage of both on-premise (in restaurant dining) and off-premise (catering, delivery and takeout) revenue streams, which is the fastest growing segment of the dining market. Our fast casual format allows for the efficient use of labor and can be operated from smaller real estate footprints than typically needed to execute an authentic BBQ menu. Being successful in today's dining market means meeting guests where they want to be served, optimizing operations for a growing digital sales channel, cultivating a welcoming environment, and pursuing environmentally sustainable business practices wherever possible. Mighty Quinn's started as a food-focused passion project and has grown into a brand that has the tools to successfully compete in the $50 billion fast casual segment.
Perks
$150 in Mighty Quinn’s app credit
$300 in Mighty Quinn’s app credit
Access to all private event tastings. Bring a friend and come experience our new seasonal specials at invite-only tasting events with our Pitmaster. You'll sample our seasonal meat, side and dessert specials right after they hit the menu
$1,000 in Mighty Quinn’s app credit
Access to all private event tastings. Bring a friend and come experience our new seasonal specials at invite-only tasting events with our Pitmaster. You'll sample our seasonal meat, side and dessert specials right after they hit the menu
Annual Pitmaster Dinner invite for you and a guest. You'll experience a 5 course tasting menu paired with craft beer or wine served by our Pitmaster at our East Village location
A case of our bottled BBQ sauce
$1,000 in Mighty Quinn’s app credit
Annual Pitmaster Dinner invite for you and a guest. You'll experience a 5 course tasting menu paired with craft beer or wine served by our Pitmaster at our East Village location
Access to all private event tastings. Bring a friend and come experience our new seasonal specials at invite-only tasting events with our Pitmaster. You'll sample our seasonal meat, side and dessert specials right after they hit the menu
A case of our bottled BBQ sauce
Exclusive meet-the Pitmaster “Butcher & BBQ” training for the day. Learn the tricks of the trade with a brief class instruction on the art of butchering and smoking select cuts of meat
Annual meeting with the founders and executive team
$1,000 in Mighty Quinn’s app credit
Annual Pitmaster Dinner invite for you and a guest. You'll experience a 5 course tasting menu paired with craft beer or wine served by our Pitmaster at our East Village location
Access to all private event tastings. Bring a friend and come experience our new seasonal specials at invite-only tasting events with our Pitmaster. You'll sample our seasonal meat, side and dessert specials right after they hit the menu
A case of our bottled BBQ sauce
Exclusive meet-the Pitmaster “Butcher & BBQ” training for the day. Learn the tricks of the trade with a brief class instruction on the art of butchering and smoking select cuts of meat
Private dinner for up to 6 people prepared by our Co-Founder & Pitmaster Hugh Mangum at your residence. Hugh will create a memorable dining experience for you and your guests that will incorporate both BBQ and other culinary treats
Annual meeting with the founders and executive team
Key Deal Facts
Over $18 million in run-rate sales across nine corporate locations in 2019 (unaudited)
Launched our U.S. franchising program with multiple territories already sold and 3 signed locations opening in 2020
Experienced team including industry veteran Christos Gourmos, celebrity chef Hugh Mangum (Chopped winner, Beat Bobby Flay judge, Firemasters judge) and Micha Magid (Wall Street veteran with previous food and beverage exit)
Achieved a 26%+ average CAGR from 2013 to 2019 (unaudited)
Licensed locations in Yankee Stadium (since 2019) and Madison Square Garden (newly launched in 2020)
Use of Proceeds
Marketing & Franchisee Acquisition, General Corporate Purpose, Corporate Support (CMO)
Management Team / Advisory Board Bios
Micha Magid
Co-Founder, Co-CEO
Micha spent over 10 years on Wall Street before becoming a founding member of Mighty Quinn's BBQ. He brings a financial and marketing background to the company, where he oversees those divisions as well as the franchising program. Prior to Mighty Quinn's, Micha was a founding investor and adviser to a consumer spirits brand which had a successful exit in 2018. As part of that journey Micha recognized how the development of a brand needed to evolve with consumer tastes. Recognizing the lack of great BBQ options in urban areas, including NYC, Micha and his partners set out to satisfy this demand with a brand that could deliver consistency, freshness and craveable food through a model that could scale beyond one restaurant. Micha studied finance and international business at the Stern School of Business at New York University.
Christos Gourmos
Co-Founder, Co-CEO
Christos grew up in the restaurant industry starting with his family's dining business and later moving on to develop one of the largest and most successful catering halls in New Jersey. Christos currently oversees all operations at Mighty Quinn's and is responsible for the crafting and implementation of the company's training programs. He has also built the Mighty Quinn's vendor network, which will serve our national franchisees. Christos believes that serving great food isn't enough and that for every dining experience to be a memorable one, a restaurant must deliver consistent hospitality. He has made great customer service a focus point for the team and a hallmark of the Mighty Quinn's experience.
Hugh Mangum
Co-Founder, Pitmaster
Hugh is the Chef and Pitmaster of Mighty Quinn's and has spent the majority of his professional life working in and developing his culinary skills. Before becoming a go-to source for the current BBQ renaissance, Hugh worked for esteemed chefs like Jean George Vongerichten and later went on to become an on air resource for various television projects including Beat Bobby Flay, Firemasters, and Chopped! Hugh believes that cooking in its purest form should start with all-natural ingredients and that the freshness of quality products should be the basis for great food. He learned his smoking skills from his Texan father and used the basis of that BBQ'ing lineage to craft the recipes that are used today on the Mighty Quinn's BBQ menu.
Deal Notes
Round type: Series B Round size: US $4,000,000 Minimum investment: US $1,000 Target Minimum: US $1,200,000 Raised to date: US $814,400 US $79,400 (under Reg CF only) Security Type: Convertible Note Conversion discount: 20.0% Interest rate: 10.0% Note term: 22 months